James Makamba’s SA Mansion To Be Auctioned Over 59 Million Rand Bank Debt

James Makamba’s multi-million rand Johannesburg mansion is set to be auctioned at the end of the month following an order of the court.

According to a report by Fin24, Makamba owes Absa’s wealth unit R59 million in debt as a result of mortgage, credit card and vehicle financing accounts. Makamba’s property is set to go under the hammer on November 29, with opening bids starting at R25 million.

High Street Auctions Lead Auctioneer and Director Joff van Reenen confirmed in a statement on Wednesday, that Makamba’s Coronation Road’s Villa Royale was being sold as an order of the court on November 29. The statement goes on to say that the manor, which is about 1650m², boasts five luxury suites, immaculate landscaped grounds and several lounge areas. The public rooms include a wine cellar, state of the art gym, 13-seater cinema with reclining leather armchairs, a cigar lounge, a spa and a games room.

James Chafungamoyo Makamba is a Zimbabwean entrepreneur, politician and former commercial broadcaster. Makamba established a consultancy business which represented the corporation in various sectors in a number of African countries. Makamba is the current chairman of Telecel Zimbabwe, a telecommunications company in which he has... Read More About James Makamba